BANKING LAW & INNOVATIONS:

 

Panama's banking system has remained stable and secure in despite of the economic deflation. The legal framework to attract foreign investment has permitted the diversification of internal deposits whose figure is 27.943 million. The new banking law establishes strict control measures to ensure the financial stability and solvency of banks which shall have a 30% statutory liquidity of its assets. It is also recognized for the first time the concept of banking consumer who may avail of the processes of claims and consultation. The guarantees required to mitigate credit risk and requirements for primary and secondary stock capital have been adapted to get shareholders to be more committed towards the capital of the bank. Along with other sectors of the financial system, such as trust, insurance and reinsurance services and a developing but dynamic stock market, Panama offers i investment opportunities in new areas such as technology and telecommunications, through "call centers", "warehouses" in the Technological Park of the City of Knowledge, mining and export processing zones.

In recent months, new banks have joined our financial system others have obtained their respective licenses such as Prival Bank, Lafise Bank Panama, Banca Privada D'Andorra, ABA International Bank.

The Republic of Panama is home to thousands of companies, trusts and private foundations that conduct their businesses out of Panama. Most of these legal entities are created and controlled by foreigners under the umbrella of the duty of confidentiality.

The Panamanian banking system is highly regulated by the Banking Superintendence and is very similar to the U.S. banking system. Opening a Current of CD Account allows you to avail the benefit from a resident visa.